SOURCE: OceanFreight Inc.

January 10, 2008 08:45 ET

OceanFreight Inc. Announces the Acquisition of Eleventh Vessel and Further Expansion Into Tanker Sector

ATHENS, GREECE--(Marketwire - January 10, 2008) - OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services, announced the acquisition of its eleventh vessel.

The Company announced it has agreed to acquire a 1996 built 149,085 dwt double-hull Suezmax tanker from interests associated with George Economou for $65 million, thereby expanding its fleet to eleven vessels.

This vessel will be delivered to OceanFreight within January 2008 and will operate for a limited period of time in the spot market until suitable period employment is found. The vessel has been fixed for a spot voyage that will commence upon the vessel's delivery to OceanFreight with a duration of approximately 45 days at a time charter equivalent rate of approximately USD 75,000 per day. Cardiff Marine Inc. has been retained as the technical manager of the vessel.

Mr. Kandylidis, the Chief Executive Officer of OceanFreight, commented:

"I am very pleased to announce the acquisition of our eleventh vessel, which immediately increases our revenue and cash flow generation capacity while allowing us to expand further into the tanker sector.

We plan to secure period employment for this vessel in line with our stated strategy of growing our fleet and seeking stable and predictable returns, in order to further enhance our distributable cash flow and create additional value for our shareholders."

Following this acquisition, OceanFreight's fleet expands to a total of 11 vessels, consisting of 1 Capesize bulk carrier, 8 Panamax bulk carriers, 1 Aframax tanker and 1 Suezmax tanker with a total carrying capacity of approximately 1 million deadweight tons.

About OceanFreight Inc.

OceanFreight Inc. is a global provider of seaborne transportation services through the ownership and operation of vessels in various shipping sectors. The Company owns a fleet of 10 vessels, consisting of 1 Capesize bulk carrier, 8 Panamax bulk carriers, and 1 Aframax tanker with a total carrying capacity of approximately 830.000 deadweight tons.

The Company's shares are listed on the NASDAQ Global Select Market and trades under the symbol "OCNF."

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Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although OceanFreight Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, OceanFreight Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter rates and vessel values, failure of a seller to deliver one or more vessels to us or delay in taking delivery of one or more vessels, default by one or more charterers of our vessels, changes in demand that may affect attitudes of time charterers, scheduled and unscheduled drydocking, changes in OceanFreight Inc.'s operating expenses, length and number of off-hire periods and dependence on third-party managers, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, international hostilities and political events or acts by terrorists.

Risks and uncertainties are further discussed in documents filed by OceanFreight Inc. with the U.S. Securities and Exchange Commission.

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